A surprise every day … employment rises!
Everyday brings surprises as a social science researcher. Today I was gearing myself up for the lunchtime current affairs radio onslaught from the budget nazis – “see unemployment is still rising and stimulus doesn’t work” – that sort of thing. But then at 11.30 (or just after) I looked up today’s Labour Force data released by the Australian Bureau of Statistics and was … to say the least … surprised. Here is what I was expecting – the labour participation rate would fall a little and unemployment to continue rising. I expected full-time employment to fall and perhaps part-time employment to rise a little but for total employment overall to fall. However, given three other pieces of information, two of which were released yesterday, I was thinking that all these “bad movements” would be fairly moderate in size. So a surprise indeed but … we should be careful before we get too carried away.